Ashif Mawji – Edmonton tech firm sold for $22M

Ashif Mawji - Edmonton tech firm sold for $22MEDMONTON – SciQuest Inc. paid $22 million US in cash for Edmonton-based Upside Software in a deal announced late Tuesday.

The deal is expected to close inside two weeks. SciQuest, a Nasdaq-listed cloud computing supply-chain management company based in a suburb of Raleigh, North Carolina, expects Upside to generate $15 million in revenue in 2013.

“We’ve heard in the last nine months a very specific need from our clients for this type of technology,” said SciQuest CEO Stephen Wiehe. “That moved it to the top of our priority list.

“We think it’s a great business, and we think we paid a very fair and appropriate price.”

Upside makes contract management software, including software-as-a-service. Past customers include Deutsche Bank, WorleyParsons and John Deere.


Author: ismailimail

Independent, civil society media featuring Ismaili Muslim community, inter and intra faith endeavors, achievements and humanitarian works.

One thought

  1. Well done, brother.

    All the more power to you. Your goal pertaining to charity is commendable..

    Amir Jaffer (Sampully).


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